INDUSTRY NEWS

Invista reports double profits

Invista Real Estate has reported its profits more than doubled last year.

The property fund management firm saw fee revenue rise to £67million and pre-tax profits grow from £22.5 million in 2006 to £74.6 million.

Duncan Owen, chief executive officer said that performance fees will be lower and costs will probably rise, however "we can look forward to 2008 with cautious confidence".

The company expects that London’s commercial property market will continue to struggle over the next 12 months, however.

"In this environment, we expect some moderation in the financial performance of the business," Mr Owen added.

Invista’s announcement was dwarfed by results from British Gas, which reported its profits have increased by 40 per cent.

The news has angered consumers, as the company recently raised their bills by 15 per cent.

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